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Determine the total noncontrolling interest

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Problem - Eliminating Entries, Noncontrolling Interest

On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $650,000, an amount $20,000 in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow:

Set Company

Consolidated Balances

1/1/14 retained earnings

190,000

880,000

Net income from above

132,000

420,000

Dividends declared

(50,000)

(88,000)

12/31/14 retained earnings to the balance sheet

272,000

1,212,000

Required - Determine the total noncontrolling interest that will be reported on the consolidated balance sheet on December 31, 2014. How does the noncontrolling interest differ between the cost method and the equity method?

Reference no: EM132451403

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